Babcock & Wilcox Enterprises, Inc.BW

Babcock & Wilcox Enterprises, Inc. Segments Disclosure

10-KFiled Mar 16, 20262 min read
SEGMENT REPORTING
Our operations are assessed as one reportable segment, B&W.

In the fourth quarter of 2025, we reassessed our segment structure as a result of the completion of our strategic shift to streamline and simplify the business. This transformation included the divestiture of certain non-core assets, as described in Note 4 to the Consolidated Financial Statements. As a result of this transformation, we have determined we have one operating and reportable segment, labeled as B&W. The revised segment presentation has been applied retrospectively to all periods presented.
The Company's CODM is the chief executive officer and chairman of the Board of Directors. The CODM assesses performance on a consolidated basis, using the segment's Loss from continuing operations as its profitability metric. The CODM considers budget-to-actual and forecast-to-actual variances on a quarterly basis when making decisions about our operating and capital resources. The measure of segment assets is reported on the Consolidated Balance Sheets as Total assets.

An analysis of our operations by revenue type is as follows:

Year ended December 31,
(in thousands)202520242023
Revenues:
 
 
 
B&W
   
Parts$241,580 $206,406 $202,700 
Projects186,914 196,725 173,660 
Construction159,182 177,908 211,088 
Total Revenue$587,676 $581,039 $587,448 
The following table presents Revenues, significant expenses and Loss from continuing operations for our consolidated segment:

Year ended December 31,
(in thousands)202520242023
Revenues$587,676 $581,039 $587,448 
Less:
Cost of operations (1)
438,686 449,389 459,953 
Selling, general and administrative expenses (1)
114,943 119,403 127,083 
Depreciation and amortization (2)
9,677 10,075 13,881 
Interest expense, net36,046 45,495 41,654 
Benefit plans, net9,782 31,230 38,406 
Other expense, net (3)
3,110 16,918 10,079 
Income tax expense
8,280 12,801 5,604 
Loss from continuing operations
$(32,848)$(104,272)$(109,212)
(1) Excludes depreciation and amortization.
(2) Depreciation and amortization is included in Cost of operations and Selling, general and administrative expenses on the Consolidated Statement of Operations.
(3) Other expense, net includes Research and development costs, Impairment of long-lived assets, Loss (gain) on asset disposals, net, Gain (loss) on debt extinguishment and Foreign exchange as presented on the Consolidated Statement of Operations.
Information about our consolidated operations in different geographic areas:

Year ended December 31,
(in thousands)202520242023
REVENUES (1)
   
United States$418,002 $388,193 $420,836 
Canada90,610 69,905 80,861 
United Kingdom15,467 49,674 35,723 
Indonesia16,272 13,197 11,507 
Philippines10,947 10,483 2,478 
Aggregate of all other countries, each with less than $10 million in revenues36,378 49,587 36,043 
$587,676 $581,039 $587,448 
(1) We allocate geographic revenues based on the location of the customer's operations.

Year ended December 31,
(in thousands)20252024
NET PROPERTY, PLANT AND EQUIPMENT AND FINANCE LEASES  
United States$52,173 $46,127 
Mexico11,478 13,974 
Aggregate of all other countries1,882 759 
$65,533 $60,860 

Historical Timeline

Fiscal YearFiled
2025Mar 16, 2026Showing above
2024Mar 31, 2025
2023Mar 15, 2024
2022Mar 16, 2023
2021Mar 8, 2022
2020Mar 8, 2021
2019Mar 30, 2020
2018Apr 2, 2019
2017Mar 1, 2018
2016Feb 28, 2017
2015Feb 25, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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